RIYADH: The outlook for Saudi Arabia’s hospitality sector is bright amid government’s efforts focused on attracting investment, according to JLL’s latest report.
Around 7,800 residential units were completed in Riyadh in the third quarter, while Jeddah saw the delivery of around 2,300 units, the report showed.
Riyadh’s occupancy rate rose to 58 percent in the first eight months of 2022, while Jeddah’s has reached 52 percent, up nearly 13 percent from the same period last year.
The improvement in demand has been attributed to the Kingdom’s well-organized year-round events schedule, the report said.
“The government has made a significant effort to attract investment to the Kingdom through initiatives such as visa reforms and introducing new legislation to boost development,” Saud Alsulaimani, Country Head at JLL, said.
In August, a new tourism law was approved to establish a new regulatory environment in order to accelerate the development of an internationally competitive tourism sector in the kingdom.
“Such steps by authorities will be key to helping the country’s hospitality sector to unlock its vast potential,” he added.